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Pros

Pro

Integrates with Microsoft Office software

It integrates with Word, Excel, PowerPoint, etc as if you were using OneDrive locally.

Pro

No setup for Windows 8/8.1/10

If you use Windows 8 or later, OneDrive is already built in your system and can be accessed via file explorer.

Pro

Offers 15GB of storage for free

Pro

Photos taken with a smartphone can be set to automatically upload to OneDrive

When Android, iOS and Windows Phone users take a photo with their phone it can be set to automatically upload to OneDrive via app.

Pro

Share files and folders easily

You can choose what files and folders to share with other people then send them a link.

Pro

Unlimited storage for Office 365 users

Pro

Collaboration via Office 365

If you use Office 365 with OneDrive, you can share a file to edit collaboratively in real time.

Cons

Con

Old versions and deleted files aren't available online, just on one computer.

On some other services you can see previous versions and deleted files for a time, but with OneDrive, these are only available on the computer the edit was made. So if someone who has write permission on your shared folder deletes your stuff you just have to ask them to go in their recycle bin (and hope they didn't empty it!), which makes it less useful for teams.

Con

Strictest code of conduct

Terms of Service forbid any kind of nudity, or that incites, advocates, or expresses pornography or racism among other things.